The recent happening in banks like PMC, YES Bank speaks of the volume of frauds. It shows that people's savings are not safe. These frauds are only the tip of the iceberg. Behind every major advance by banks, there are brains who take care of their friends. Banks demand multiple documents and sureties from the common man, making him run from pillar to post for even small loans. Naturally, such advances end in nonpayment and the borrower escapes abroad without repaying. When there are checks and counter checks coupled with inspections and internal audits, how do these frauds go unnoticed? How can the taxpayers' money be used for recapitalizing banks that are not well-managed? If the government really wants to tackle corruption and crony capitalism, it must prepare a roadmap to privatize the banking sector. That's the only way we will see real governance reform for banks.
